Kramer Law -- Government Accountability Office Releases Report on Housing Crisis

Share Article

Kramer And Kaslow: New GAO Report Calls Firms Out for Alleged Faulty Treatment of Borrowers

Kramer & Kaslow

A government report released earlier this month is addressing the growing list of foreclosure issues in the United States (Government Accountability Office report #GAO-11-433). According to the May 2011 Government Accountability Report, the administration is working to negotiate settlement terms with firms it alleges provided faulty treatment of borrowers. While no companies are specifically named in the report, it does allege that two large mortgage firms illegally foreclosed on the homes of nearly 50 active-duty military service members.

Shahien Nasiripour reports in a May 6, 2011 article in the Huffington Post that, “The Obama administration and state officials are expected to offer the nation's five largest mortgage firms updated terms next week in ongoing negotiations over a settlement regarding the firms' faulty treatment of borrowers (detailed in a GAO document entitled: MORTGAGE FORECLOSURES Documentation Problems Reveal Need for Ongoing Regulatory Oversight), according to three people with knowledge of the government plan.”

When complete, the new settlement could help struggling homeowners keep their homes and more easily modify their mortgages. Noted consolidated plaintiff litigation attorney, Philip Kramer of the Law Offices of Kramer & Kaslow, has weighed in on the latest GAO report. “What you have here is a political battle," says Kramer. "Pretty much everyone agrees that there is wrongdoing. Now comes a political and legal question: what does restitution look like? What corrective actions need to be taken going forward? With any luck, the government can begin to help distressed homeowners who have been wronged by their lenders and this new report is an initial step in that direction.”

A more extensive discussion of the ongoing negotiations between the government and the lenders can be found on Kramer’s web site:

PHILIP A. KRAMER is the senior partner of the Law Office of Kramer & Kaslow, in Calabasas, California. Kramer & Kaslow is Martindale Hubbell “AV” rated. Mr. Kramer is a perennial recipient of the prestigious “Southern California Super Lawyer” award.

Mr. Kramer received his undergraduate degree from Ohio State University and his Juris Doctorate from the Catholic University of America, in Washington, DC. His practice emphasizes commercial litigation and trial advocacy, with a concentration on business litigation, and real property matters. He has prosecuted and defended cases for over twenty five years.

Mr. Kramer is a licensed real estate broker and has spent considerable time providing legal services in connection with real estate issues relating to loan modification and loss mitigation, land use and zoning, environmental issues, easements, construction and development, finance, and landlord tenant matters.

Mr. Kramer is admitted to practice before all courts in the State of California, the United States Supreme Court and the United States Court of Military Appeals. Mr. Kramer has tried in excess of 200 cases. He has appeared on nationally televised programs regarding pre-trial procedure and trial strategy and has appeared as a guest lecturer on topics ranging from constitutional law to trial practice, and Mr. Kramer frequently lectures on a broad spectrum of various legal and business issues.

Mr. Kramer also serves as a Judge Pro Tem for the Los Angeles Superior Court and as a Mediator.

Mr. Kramer is also a past president of the Los Angeles West Inns of Court, a national organization dedicated to bringing professionalism and civility back into the legal profession. He also serves on numerous Boards of Directors and serves as an officer in many companies. For more information call (818) 224-3900 or visit


Share article on social media or email:

View article via:

Pdf Print

Contact Author

Stuart R. Simone, Esquire
Visit website